On July 1, 2016, Jemez Company entered into a contract to build an apartment building. It is estimated that the building will take 3 years to complete. the contract price was $7, 800,000. The following information pertains to the construction period Compute the amount of revenue and gross profit to be recognized each year, assuming the percentage-of-completion method is used. Pre[pare all journal necessary journal entries For 2018 prepare a partial balance sheet for December 31, 2017